Nifty Likely To Swing 50 Points Either Side, Poll Verdict To Play Vital Role


Indian Politics

Indian Politics

In a mildly volatile day of trading on the backdrop of Karnataka Election results, Nifty share price opened today at 10802, the index went up to make a high of 10928 and then gave away much of the gains. Towards the second half of the day’s trade Nifty made a low of 10782 and then closed at 10800.

Daily Price Movement

Daily Price Movement

Stocks That Were Hammered
In today’s trading session, Tata Steel share price and Power Grid Share price rose 2.73% and 2.37% respectively. While Tata Motors (NS:) and SBI (NS:) share price dropped3.99% and 2.78% respectively

Outlook for 16th May, 2018
Daily Chart Levels
In the daily timeframe Nifty share price closed below its 5 EMA high (10802 approx). If the index opens above10826,it will move up till 10880. However, if Nifty share price opensbelow10780, it is likely to find its first support around its10 DMA (10730 approx). If Nifty share price trades and sustains below10725, it will find its next support at its15 DMA (10700approx).

Nifty Daily Chart

Nifty Daily Chart

Hourly Chart Levels
In the hourly chart Nifty share price has closed below its 20 HEMA high (10802approx). If the index opens above its 20 HMA (10820 approx) , it will see an upside move till its 10 HMA ( 10840 approx).However if Nifty share price sustains above10850, it will find its next resistance area around its upper Bollinger band (10899approx). If Nifty breaks and trades below its 34 HMA (10780 approx), it can see a correction till its next support area around 50 HMA (10760 approx).

Nifty Hourly Chart

Nifty Hourly Chart

Nifty Technical Grid

Nifty Technical Grid

BANK NIFTY Outlook for 16th May, 2018
Daily Chart Levels
In the Daily Chart Bank Nifty has closed above its 5 DMA (26475 approx). If the Index trades above its 5 EMA high (26535 approx), it is likely to face its first round of resistance around 26560 approx. If the index trades above 26580 , it will move up and face its next resistance around 26690approx.However if the index opens below 264430, the next area of support will be today’s low of (26400approx). If Bank Nifty trades below 26390, it will slip down till its 5 DMA (26330 approx).

Bank Nifty Daily Chart

Bank Nifty Daily Chart

Hourly Chart Levels
In the hourly chart if Bank Nifty closed above its 34 HMA (26475 approx). If the index opens above 26490, its will move up and face its next resistance around its 5 HMA (26540approx).However if Bank Nifty opens below (26430approx), it will move down and find its next support around its34 HMA(26360approx). However if Bank Nifty breaks and trades below its 26435, it will find its the next support area around its 50HMA (26250approx).

Bank Nifty Hourly Chart

Bank Nifty Hourly Chart

Bank Nifty Technical Grid

Bank Nifty Technical Grid

ORIGINAL POST

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